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Well it has bounced of the £1.
I am not making any forecasts to say if that'll hold or not
but I recon it'll much more interesting to see if that holds.
"Ex-M.M. Warburg Boss Is First Top Banker Charged in Cum-Ex Scandal".
https://www.bloomberg.com/news/articles/2022-07-05/ex-warburg-boss-is-first-top-banker-charged-in-cum-ex-scandal
"Prosecutors in Cologne are probing about 1,500 people from the financial industry and are ramping up the pressure on international banks. They raided Barclays Plc’s Frankfurt offices in March days after Bank of America Corp.’s Merrill Lynch premises were hit. "
"ICAP Called ‘Spider’ in Cum-Ex Web by German Authorities".
It's going to be interesting to see how this plays out.
Back down.
Be interesting too see if 105p holds, or anywhere above that
That maybe a concern.
However from a technical point of view I just noticed that tcap made a another higher low, prev 105, 110 now 115p. So there maybe a real possibility of a bottom forming with higher lows. This is not a recommendation just a perspective
TP ICAP : appoints new CEO of Global Broking
https://www.marketscreener.com/quote/stock/TP-ICAP-GROUP-PLC-9590162/news/TP-ICAP-appoints-new-CEO-of-Global-Broking-40766042/
Is there anybody left to answer the 'phone who is not a CEO of something or other?
AceOfClubs
Through the 100d ma. 200d ma lies just above around 145p.
Looks promising. Well overdue.
Phase 2 agitating for change at TP Icap, specifically through a sale. Worth reading their open letter which can be found here:
https://phase2partners.com/home
Gives an idea of the latent value within the group. Definitely in the interests of shareholders that said value is unlocked.
trading it this morning as well
PLUS helping today
Meant “and the outcome of cum-ex.”
Profits will be the biggest driver of sp
Good figures.
Hopeful but yesterday could have marked “double bottom”, 2nd low a few pence higher than the previous one. Potentially that could mark a turning point - although I’m aware it still depends on profits bouncing back to an extent and not results of tye cum-ex saga.
(Alliance News) - TP ICAP Group PLC on Wednesday reported a rise in revenue for the first quarter of 2022, as market volatility allowed for growth in Global Broking and Energy & Commodities.
For the three months ended March 31, the interdealer broker posted total revenue at GBP556 million, a 15% increase from GBP483 million the same period a year before, and rose 14% on a constant currency basis.
By division, Global Broking revenue grew 3.5% to GBP322 million through increased market volatility, leading to a stronger performance in Rates, Credit and FX & Money Markets, but a flat result in Equities.
The Energy & Commodities segment reported a 5.9% revenue rise to GBP107 million, mainly on growth in the US in Oil and Power & Gas, more than offsetting lower volumes in Europe.
Over the quarter, TP ICAP noted varied market conditions, but still achieved an increased overall market share throughout the period.
up nearly 5% , market likes it ,nice
Looking good!!
S**ty day here tomorrow or a pleasant surprise?
E.g Dave in London is paid 50% of revenues for oil, gas, coal whatever brokerage.
Dave earns $1m in revenues, if the FX rate was 2:1, Dave would be paid £250k.
If the. FX rate was 1:1, Dave would be paid £500k.
Yes the cost is GBP and the revenue is USD but the FX rate carries through.
That mismatch shouldn't be material. Brokers in USD denominated products e.g oil yes earn revenues in USD but are paid in GBP if London based. However the amount of GBP paid in remuneration is a fraction of their USD income translated at the spot FX rate, thus your revenue and costs effectively match.
They seem to imply their GBP costs don't vary with FX rate for USD earners which is nonsensical.
Foreign exchange translation has been a headwind for the Group
in 2021, caused largely by GBP appreciation against the USD, with
approximately 60% of Group revenues and approximately 40%
of costs in USD, resulting in a currency mismatch. The average
GBP:USD rate strengthened 7% year on year, while the period
end rate weakened by 1%.
Bad timing?
Ok thanks. I know the market has been selling off the last few weeks but the share price drop in TCAP this close to results is a little unnerving…
Should be 11th, Wednesday. Their AGM after the update on the same day.
Trading up date this Tuesday (10th)?
said it all along they bought a lemon
I'm calling BS on the notion liquidnet has been integrated "well" or "successfully" by the bloke who has just been fired. More like disastrously.